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International Corporate Governance : Italy Corporate Governance in Italy: A Practical Guide to Internal Control The significant interest generated over the last few years by the area of corporate governance has led to the need for a more appropriate and exhaustive definition of the concept of control governance, which represents the true basis of corporate governance. Given the influence of various economic phenomena on different business types, corporate governance is structured appropriately and modeled according to particular aspects of the specific field. It is based on the assumption that a company must be managed respecting the interests of shareholders and other stakeholders and, therefore, there must be an independent board of directors in a position to strategically control company operations and ensure that business is carried out transparently, efficiently and fully in line with strategic objectives and relevant legal requirements. The issues of corporate governance have made great leaps over the last few years, nevertheless, the best way to institutionalize corporate governance and to make corporate conduct based on appropriate internal discipline regulations a fundamental part of business culture, remain to be dealt with. This guide (issued in 2001) does not seek to propose a solution to the above issue, but simply to provide guidelines that are currently available through the definitions provided by legislative bodies and on the basis of the most authoritative international models. The contribution to management is in the making available of a tool to evaluate and govern their organization. Although the expression "internal control system" and the corporate application of its structure fundamentally depend on the control culture of the business, the concepts put forward and discussed in this manual can provide a valid reference point in establishing criteria of effectiveness and efficiency. Under an integrated internal control system, the degree of efficiency of control governance is indicated by the ways in which the components of the internal control system are managed and governed. Control governance consists of the overall processes, means and resources at all corporate levels that provide areasonable assurance of the achievement of corporate objectives. This work is organized in such a way to aid understanding of the issues discussed and be of help both to those who are not familiar with the concept of internal control, and to those with an awareness of the importance of valid governance who wish to use it as a practical guide.
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